BEST'S INSURANCE REPORTS-FIRE AND MARINE.   15

AMERICAN AUTOMOBILE INSURANCE COMPANY—Continued.

$62,000 was realized. Of this amount $12,000 was paid to the organizers of the company, out of which all expenses of organization, up to the date when it commenced business, had been paid, so that the company started with a capital of $200,000 and a net surplus of $50,000.

In December, 1912, its capital was increased to $300,000, and $50,000 surplus was paid in. On December 9, 1913, the capital was reduced to $225,000, thus transferring $75,000 to surplus account. In August, 1916, the capital was again increased to $300,000, such increase being paid in by stock-holders at par. The total amount paid in by stockholders was $487,000, of which $300,000 was applied to capital, $175,000 to surplus and $12,000 for organization expenses.

Management and Reputation.— The directors of the company are substantial financial and business men of St. Louis. On December 31, 1919, the directors owned $164,400, par value, of the capital stock. The active managers are energetic and efficient.

The losses have been moderate, and the expenses low. but in 1919 the expenses were high. Since 1916 the premium volume has increased very greatly and is large in proportion to the company's surplus. The company claims, however, that as it writes only automobile insurance, it is not subject to the conflagration hazard.

It had a loss from underwriting in 1919 of $16,697.40 and a decrease of $16,593.61 in surplus, but it increased its re-serves for unearned premiums about $73,000 and paid dividends of $48,000.

The company's reputation in regard to loss settlements is good. The reserve for unpaid liability losses in the above statement is figured on the same basis as required of all standard stock casualty companies.

The company charges conference rates for fire. theft. property damage and collision insurance, but does not in all eases charge manual rates for liability coverage.

The investments are of good quality and are remunerative. The security valuations are those fixed by the Convention of Insurance Commissioners.

Dividends.— A 10% dividend was paid in 1915, and 12% in 1916; 1917, 12.5%; 1918. 12% ; 1919, 16%.

'Territory.— Licensed in Ariz.. Ark., Cal., Colo.. Del.. D. C., Ill., Ind . Kan.. La., Md.. Mich.. Minn.. Mo.. Neb.. N. J.. N. C.. O.. Ore., Pa.. Tenn., Tex., Utah, Wash. and Wis. It also writes business in States where it is not licensed.

Officers and Their Dutics.—President. Charles W. Disbrow; secretary-treasurer, S. S. Williams.

The president has general charge of all departments and gives special attention to the underwriting. claims and statistical departments: but each department has its own superintendent. He is an attorney at law and admitted to the New York and Colorado bars. In 1902 he was appointed special agent of the United States Fidelity and Guaranty Company of Baltimore, and was later made manager of the Mountain Department of that company. with headquarters at Denver, Colo. Later he was transferred from Denver to St. Louis as manager of the Central West-ern Department of the same company, from which position he resigned November 1, 1911, to organize this company.

The secretary and treasurer had many years' experience as an accountant before he became connected with this company several years ago.

Directors.

Barroll, Joseph R., St. Louis, of Butler Brothers, director of Merchants-Laclede National Bank.

Britton, Roy F.. St. Louis, of Barker & Britton, lawyers.

Brown, Paul, St. Louis, capitalist, director Mercantile Trust Company.

Bryan, P. Taylor, St. Louis, of Bryan & \\ illiams & Cave. lawyers.

Catlin, Daniel K., St. Louis, capitalist, director State National Bank.

Compton, Win. R., president Wni. R. Compton & Co., bonds; president American Trust Co.

Disbrow, Charles \\ ., St. Louis, president of company. _Mauntel, E. J., manager city of St. Louis branch of companv.

Orr, Isaac II., St. Louis, vice-president St. Louis Union Trust Company.

Shapleigh, A. L., St. Louis, chairman Shapleigh Hard-ware Company; vice-president Merchants-Laclede National Bank.

Sheahan, J. H., claims attorney of company.

Stanard, W. K., St. Louis, Stanard-Tilton Milling Company; director Boatmen's Bank.

Williams, S. S., secretary and treasurer of company. Stockholders' Annual Meeting.—Fourth Tuesday in January.

Branches.— Detroit Branch, C. E. Parrish. manager, Detroit; Ohio Branch, G. W. Talkes, manager, Cleveland; Illinois Branch, R. R. Diable, manager, Chicago; Wisconsin Branch, W. J. Karn, manager, Milwaukee; Missouri Branch, E. J. Mauntel, manager, St. Louis; Southern Branch, Texas, H. W. Allen, manager, Dallas.

General Agents.— Memphis, G. L. Myers & Co., for Tenn. and Ark.; New Orleans, Jas. B. Ross, for Louisiana; Indianapolis. H. H. \Voodsmall, for Indiana; Topeka, Stephen-son & Webb, for Kansas; Denver, Bishop & Cass Investington: Los Angeles, Aronson-Gale Co.; Fort Worth, Mitchell-Gartner & Walton; Kansas City, O'Brien. Hobart & Perrin; Washington, LeRoy Mark, for District of Columbia; Cincinnati, Henry Insurance Agency Co.; Minneapolis, Marsh & _McLennan; Baltimore, J. Ramsey Barray, for Maryland; Winston Salem, Barber & Cobb. for North Carolina; Columbus, Ohio, M. J. Hanly.

INCOME, 1919.

Gross premiums written    $4,102,953 78

Less reinsurance    624,370 86

Less return premiums    911.727 47

Total net premiums    $2,566,855 45

Interest, etc   78.814 56

Other income    1.126 56

TOTAL INCOME    $2,646.796 57

DISBURSEMENTS, 1919.
Net losses paid   $1,175.343 74

Underwriting expenses    1,263 470 13

Dividends to stockholders    48.000 00

Other disbursements    :   250 00

TOTAL DISBURSEMENTS    $2,487.063 87

Ratios to Premiums Written.—Losses paid. 45.8%; incurred, 48.7%; underwriting expenses, 49.2%; underwriting loss, 0.6%.

Ratios to Premiums Earned.—Losses incurred, 50.1%; expenses incurred. 50.9%; underwriting loss, 0.6%

Underwriting Exhibit, 1919.— Premiums earned during 1919, $2,494,074.12; gain from underwriting profit and loss items, $11.581.98: total, 82.505.656.10.